When you travel or shop online with an overseas business, many cards charge a foreign transaction fee of around 2–3% of the purchase amount. But credit cards with 0% foreign transaction fees waive this cost or give you a rebate, helping you save money on international transactions.
Not after a credit card? You can also get a debit card with no foreign transaction fees.
To qualify for this category, credit cards must:
We analyse 250+ credit card products and assess six features, assigning them scores out of 10. Finder Score is weighted according to their importance within the product category.
The methodology is designed by our insights and editorial team. Commercial partnerships carry no weight, all products in the database are scored objectively.
The same card will receive a different score within each category, depending on the features being assessed (e.g.Travel Credit Cards, Balance Transfer),
Our intention is to enable informed financial decision-making without the need to analyse numerous individual data points. Please do consider your own financial circumstances when making a decision.
| Feature | Definition | Assessment | Weight |
|---|---|---|---|
| Foreign Exchange Fees | Fees charge on international transactions | Lower fees score higher | 50% |
| Travel Insurance | Complimentary travel insurance | Full score for complimentary insurances | 15% |
| Overseas ATM Fees | Fees charged by card provider to withdraw from international ATMs | Lower fees score higher | 10% |
| Purchase Rate | Interest rate on new purchases | Lower rates score higher | 10% |
| First-Year Fee | Annual fee charged in the first year of ownership | Lower fees score higher. $0 fee receives the maximum points. | 7.5% |
| Ongoing Annual Fee | Annual fee charged from the second year onwards | Lower fees score higher. $0 fee receives the maximum points. | 7.5% |
How much can I save with a 0% foreign transaction fee card?It depends how much you spend overseas and the fees you would pay if you used a different card. But as an example, if you spent $2,000 on a card with a 3% international transaction fee, it would cost you $60. If you had a card with a 0% foreign transaction fee you wouldn't pay anything, so you'd save the full $60.
And if you had a credit card with a higher fee of 3.4% on international transactions, you'd save even more ($68 in this example).
Keep in mind that the cost of foreign transaction fees may not be obvious straight away, as they are added as separate transactions on your credit card account.
The Australian Competition and Consumer Commission (ACCC) has also warned people that some major online brands will charge foreign transaction fees, even if the website ends in .com.au or the price is shown in Australian dollars.
The Bankwest Zero Platinum Mastercard was named the Best Travel Credit Card at the 2024 Finder Awards. Another consecutive win for the Bankwest Zero Platinum as it offers a combination of no foreign transaction fees, no annual fee and comprehensive overseas travel insurance. Its 14.99% interest rate on purchases scored well and helped establish it as a card that travellers can use save money on a range of costs.
Certain credit cards automatically waive foreign transaction fees when you make an international purchase.
Others offer a rebate on foreign transaction fees when you meet specific requirements, such as spending a set amount per month. If that's the case, you could still be charged a fee if you don't meet the requirements.
Annual fees typically range from $29 to $400 or more for higher-end cards. You can weigh this cost against the value you'd get from 0% foreign transaction fees and any other perks to help choose a card.
If the 0% foreign fee savings aren't as much as you thought, you could be better off comparing $0 annual fee credit cards. You could also consider a card that offers both no foreign transaction fees and no annual fee, although there are only a few of these on the market.
Interest rates on these cards range from around 10% to 27% for purchases. If you pay off your credit card as you go – or pay the total by the due date on your statement – you'll typically get interest-free days on your purchases.
But if you end up carrying over a balance, a low rate credit card could be a more cost-effective option.
Some cards offer additional perks when you're travelling, which can include:
If there's another benefit you want, you could use Finder's table filters to narrow down your comparison of 0% foreign transaction fee cards. Just make sure you check what requirements you need to meet to use the perks.
Australian credit cards offer zero liability for fraudulent transactions and 24-hour emergency support services. Most also offer fraud-monitoring services.
Other security features can include virtual cards, transaction limits for overseas spending, temporary account blocks and extra online security through Visa Secure, Mastercard SecureCode or American Express SafeKey.
Overseas ATM fees typically cost around $5 or between 2-3% of the total transaction. And that's not including any charges added by the overseas ATM operator.
There are credit cards that offer $0 international ATM withdrawals, but keep in mind that you'll still pay cash advance fees and any third-party charges.
When you use a credit card to withdraw cash, buy foreign currency or make any other cash advance transaction, you'll pay a fee worth around 2-4% of the transaction. You'll also be charged interest at the cash advance rate, which is higher than the purchase rate on most credit cards.
If you need to get cash when you're overseas, you can avoid these costs by using a debit card or prepaid travel card instead.
The range of credit cards that offer no foreign transaction fees means it's worth looking for other features that you want on your credit card. For example frequent flyer points, 0% interest rate offers, cashback bonuses or something else. The key is to find a card with features that add value when you're shopping in Australia and overseas.
When you're planning to use your card overseas spending, keep the following details in mind:
Graham heads Finder's insights team and specialises in a variety of financial topics, including credit cards, loans, insurance and investing. He regularly appears on TV including ABC News, Sunrise and Today, and edits Finder's Insights column.
Every month, Finder's experts examine over 250 cards in our database to determine our best credit cards for different categories.
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How much would it cost me to withdraw £1000 ($. 2000) from my ANZ credit card while in the UK?
Hi, Reine.
Thanks for your question.
ANZ currently charge a foreign currency conversion fee (overseas transaction fee) of 3% of the total value of the transaction when carrying out a transaction in a currency other than Australian dollars. This applies to Visa, MasterCard and American Express cards. There will also be a international ATM withdrawal fee, which is currently $5 charged by ANZ, and a local ATM operator fee charged by the ATM owner. The local ATM fee will be advised at the time of the transaction.
I hope this helps. Have a good trip.
Don’t you just love the fact regardless of the amount,all these parasites give you a lousy 4or 5 % over twelve months,but charge you 3% in a blink of an eye to give you your money which they have been using to make more money from in the first place.Their is no limit to a gluttons hunger?
Hi Dennis,
These types of comments/questions aimed at encouraging discussion among users belong in our forum. Please feel free to post away.
Cheers,
Jacob
Was
Wondering what the conversion fee is when exchanging aus dollar to indoisian rupiah
Hi Ben,
Thanks for your comment.
You can see the currency conversion fee of each credit card in our reviews. When you’re reading a review, please refer to the ‘Foreign Currency Conversion Fee’ row in the product table.
Cheers,
Shirley
I applied for a Bankwest Platinum on this site for overseas travel and was rejected, their letter stated I was a bad credit risk. I believe this is now a black mark against me. I own my own home drive a current year ford ranger 4×4, own a 35 grand boat and am a self funded retiree. I have had a 28 degree MasterCard with a 10 grand limit for 15 years which was excellent for overseas travel. The only reason i left them was because i could not identify myself on the phone after clearing myself on the automation pin change (I made a mistake and hung up on myself) To say that I am a bad debt risk after not doing a legislated credit check is both very bad for them and scandalous against me. Be wary of what you apply for anywhere.
While I am travelling, I will be changing my sim and will have problems receiving the balance and account details. How do I solve this problem?
Hi, Gisele.
You may need to contact your financial institution with your updated contact information. You can find international contact details for different lenders on their website.
Thanks for your question.